Gresik predicts stagnation in sales

Published:
09 November 2004

State-owned cement maker PT Semen Gresik is targeting only a 10 per cent increase in net profit this year with sales stagnating at around Rp5 trillion (US$554.89m) to Rp5.5 trillion . Sales are not expected to increase with the rising costs of energy, electricity and fuel, said S.G. Cholil Hasan, finance director of the country’s largest cement producer. Hasan said this year sales are estimated to reach 15Mt with prices around US$39 per ton. Next year sales are predicted to rise 8 per cent. PT Semen Gresik is 25.5 per cent owned by Mexican cement giant Cemex, now bogged down in a dispute with the Indonesian government over the acquisition of a higher stake as set in its contract.